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Cloudflare, Inc.（NET）与SSR MINING INC.（SSRM）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是SSR MINING INC.的1.2倍（$614.5M vs $521.7M），SSR MINING INC.净利率更高（34.8% vs -2.0%，领先36.7%），SSR MINING INC.同比增速更快（61.4% vs 33.6%），SSR MINING INC.自由现金流更多（$106.4M vs $105.2M），过去两年SSR MINING INC.的营收复合增速更高（50.5% vs 27.4%）
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
SSR Mining Inc.（前身为白银标准资源公司）总部位于美国科罗拉多州丹佛，主营金、银、铜、铅、锌矿产开采，拥有阿根廷最大的银矿，同时在美洲全境及土耳其开展矿产勘探业务。2020年与阿拉瑟黄金合并后迁至丹佛，现任总裁兼首席执行官为罗德尼·P·安塔尔。
NET vs SSRM — 直观对比
营收规模更大
NET
是对方的1.2倍
$521.7M
营收增速更快
SSRM
高出27.8%
33.6%
净利率更高
SSRM
高出36.7%
-2.0%
自由现金流更多
SSRM
多$1.1M
$105.2M
两年增速更快
SSRM
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $521.7M |
| 净利润 | $-12.1M | $181.5M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 38.8% |
| 净利率 | -2.0% | 34.8% |
| 营收同比 | 33.6% | 61.4% |
| 净利润同比 | 6.0% | 3166.6% |
| 每股收益（稀释后） | $-0.03 | $0.84 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NETSSRM
| Q4 25 | $614.5M | $521.7M | ||
| Q3 25 | $562.0M | $385.8M | ||
| Q2 25 | $512.3M | $405.5M | ||
| Q1 25 | $479.1M | $316.6M | ||
| Q4 24 | $459.9M | $323.2M | ||
| Q3 24 | $430.1M | $257.4M | ||
| Q2 24 | $401.0M | $184.8M | ||
| Q1 24 | $378.6M | $230.2M |
净利润NETSSRM
| Q4 25 | $-12.1M | $181.5M | ||
| Q3 25 | $-1.3M | $65.4M | ||
| Q2 25 | $-50.4M | $90.1M | ||
| Q1 25 | $-38.5M | $58.8M | ||
| Q4 24 | $-12.8M | $5.6M | ||
| Q3 24 | $-15.3M | $10.6M | ||
| Q2 24 | $-15.1M | $9.7M | ||
| Q1 24 | $-35.5M | $-287.1M |
毛利率NETSSRM
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
营业利润率NETSSRM
| Q4 25 | -8.0% | 38.8% | ||
| Q3 25 | -6.7% | 21.6% | ||
| Q2 25 | -13.1% | 26.9% | ||
| Q1 25 | -11.1% | 21.1% | ||
| Q4 24 | -7.5% | 10.6% | ||
| Q3 24 | -7.2% | 3.5% | ||
| Q2 24 | -8.7% | 5.8% | ||
| Q1 24 | -14.4% | -163.5% |
净利率NETSSRM
| Q4 25 | -2.0% | 34.8% | ||
| Q3 25 | -0.2% | 17.0% | ||
| Q2 25 | -9.8% | 22.2% | ||
| Q1 25 | -8.0% | 18.6% | ||
| Q4 24 | -2.8% | 1.7% | ||
| Q3 24 | -3.6% | 4.1% | ||
| Q2 24 | -3.8% | 5.2% | ||
| Q1 24 | -9.4% | -124.7% |
每股收益（稀释后）NETSSRM
| Q4 25 | $-0.03 | $0.84 | ||
| Q3 25 | $0.00 | $0.31 | ||
| Q2 25 | $-0.15 | $0.42 | ||
| Q1 25 | $-0.11 | $0.28 | ||
| Q4 24 | $-0.05 | $0.03 | ||
| Q3 24 | $-0.04 | $0.05 | ||
| Q2 24 | $-0.04 | $0.05 | ||
| Q1 24 | $-0.10 | $-1.42 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $943.5M | $575.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $3.5B |
| 总资产 | $6.0B | $6.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NETSSRM
| Q4 25 | $943.5M | $575.6M | ||
| Q3 25 | $1.1B | $445.4M | ||
| Q2 25 | $1.5B | $438.5M | ||
| Q1 25 | $204.5M | $341.3M | ||
| Q4 24 | $147.7M | $417.3M | ||
| Q3 24 | $182.9M | $365.8M | ||
| Q2 24 | $157.0M | $384.4M | ||
| Q1 24 | $254.4M | $492.0M |
总债务NETSSRM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $228.6M | ||
| Q3 24 | — | $228.3M | ||
| Q2 24 | — | $228.0M | ||
| Q1 24 | — | $228.7M |
股东权益NETSSRM
| Q4 25 | $1.5B | $3.5B | ||
| Q3 25 | $1.3B | $3.3B | ||
| Q2 25 | $1.2B | $3.3B | ||
| Q1 25 | $1.4B | $3.2B | ||
| Q4 24 | $1.0B | $3.1B | ||
| Q3 24 | $973.1M | $3.1B | ||
| Q2 24 | $881.5M | $3.1B | ||
| Q1 24 | $797.2M | $3.1B |
总资产NETSSRM
| Q4 25 | $6.0B | $6.1B | ||
| Q3 25 | $5.8B | $5.9B | ||
| Q2 25 | $5.6B | $5.8B | ||
| Q1 25 | $3.7B | $5.6B | ||
| Q4 24 | $3.3B | $5.2B | ||
| Q3 24 | $3.1B | $5.1B | ||
| Q2 24 | $2.9B | $5.2B | ||
| Q1 24 | $2.8B | $5.3B |
负债/权益比NETSSRM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.07× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $190.4M | $172.1M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $106.4M |
| 自由现金流率自由现金流/营收 | 17.1% | 20.4% |
| 资本支出强度资本支出/营收 | 13.9% | 12.6% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $241.6M |
8季度趋势，按日历期对齐
经营现金流NETSSRM
| Q4 25 | $190.4M | $172.1M | ||
| Q3 25 | $167.1M | $57.2M | ||
| Q2 25 | $99.8M | $157.8M | ||
| Q1 25 | $145.8M | $84.8M | ||
| Q4 24 | $127.3M | $95.0M | ||
| Q3 24 | $104.7M | $-1.3M | ||
| Q2 24 | $74.8M | $-78.1M | ||
| Q1 24 | $73.6M | $24.6M |
自由现金流NETSSRM
| Q4 25 | $105.2M | $106.4M | ||
| Q3 25 | $82.5M | $-2.4M | ||
| Q2 25 | $39.9M | $98.4M | ||
| Q1 25 | $59.9M | $39.3M | ||
| Q4 24 | $54.2M | $56.4M | ||
| Q3 24 | $54.5M | $-34.1M | ||
| Q2 24 | $45.2M | $-116.3M | ||
| Q1 24 | $41.5M | $-9.4M |
自由现金流率NETSSRM
| Q4 25 | 17.1% | 20.4% | ||
| Q3 25 | 14.7% | -0.6% | ||
| Q2 25 | 7.8% | 24.3% | ||
| Q1 25 | 12.5% | 12.4% | ||
| Q4 24 | 11.8% | 17.5% | ||
| Q3 24 | 12.7% | -13.2% | ||
| Q2 24 | 11.3% | -62.9% | ||
| Q1 24 | 11.0% | -4.1% |
资本支出强度NETSSRM
| Q4 25 | 13.9% | 12.6% | ||
| Q3 25 | 15.1% | 15.4% | ||
| Q2 25 | 11.7% | 14.7% | ||
| Q1 25 | 17.9% | 14.4% | ||
| Q4 24 | 15.9% | 11.9% | ||
| Q3 24 | 11.7% | 12.7% | ||
| Q2 24 | 7.4% | 20.7% | ||
| Q1 24 | 8.5% | 14.8% |
现金转化率NETSSRM
| Q4 25 | — | 0.95× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 17.10× | ||
| Q3 24 | — | -0.13× | ||
| Q2 24 | — | -8.06× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
SSRM
| Gold | $369.3M | 71% |
| Concentrate Sales | $124.4M | 24% |
| Other | $19.1M | 4% |
| Lead | $9.0M | 2% |
